12 Ways to Lose a Sale

12 Ways to Lose a Sale
by Peter & Linda Pfann

After Getting buyers excited and ready to buy your property, have you ever made a mistake that cost you the sale of a house?

After 25 some years in the business We have to admit to have made a few, however we have learned from experience that most of the common reasons why sales are lost can and will be avoided by working with the right professionals.

We have seen every one of the following ways to lose a sale most of the time by others, during our many years of marketing in single family homes. Some of the common mistakes have cost a few hundred dollars, while others have cost the sale totally. All have cost time. The secret is to recognize the mistake and strive not to repeat it. This post is to caution you "Are you losing or about to lose a sale" ?"

•1.      Your Curb Appeal Not as Good or Better Than Others in the Area

Stand across the street from your house and look at the house on either side of yours, then look at the house across the street. You're looking for landscaping and general appeal as someone would see from their car. Most people want to drive by a property first. Will the outside make them want to look at the inside? Your Property's look should be as good or better than those around you, if you want a fast sale at top market price.

•2.      Selling without fixing Repairs in advance.

Get it Fixed before you waste your time advertising and showing. Most People are not used to seeing the before and visualizing after like some experienced investors are. Sometimes we forget this. Many people will pay extra for a home that is ready to move in, without having to spend more money.

•3.     Over-Selling

When a prospective buyer indicates they want the house, write it up! Don't keep on selling. More than once I have had someone say they wanted the house, but the other agent or the seller kept selling to reinforce the sale. Somewhere in the process, the buyer would decide to "think about it awhile and get back to me." These are hard words when you know that you had the house sold. When you have a sale, stop selling.

•4.     Letting the Buyer Walk Around with the Appraiser or Inspector without an agent or real expert present.

This one has really cost a number of sales, particularly if there are repairs needed or issues with a building or complex. Many Appraisers and Inspectors will sometimes say things or act in ways that causes buyers to become very cautious, nervous, or even scared of moving forward. A buyer should always be accompanied with a real expert and or the buyer's agent, who can properly explain the context and possible concerns.

•5.     Trying to Impart Your Vast Knowledge to the Buyer

Many agents, sellers have to fight this urge every time they talk to a buyer. I enjoy talking, helping and educating people, but during a sale is not the time. You will only confuse the buyer when you try to pass on your knowledge and experience in 15 minutes. People will not make a decision to buy when they are confused.

•6.     Not Fixing Obvious Defects Before the inspector or appraiser Comes

If they see anything wrong, they have to look closer. Once they have written up a problem, you may have to hire someone certified to do the work. Do it with a general handyman before they come out. Sellers have paid big bucks for that mistake. Often someone must re-inspect too, this will cost more time. Many buyers change their minds and collapse a sale. At any rate, all buyers are just like you and me. If the house looks clean, neat and well cared for, they will be more likely to move forward.

•7.     Doing Little or No Follow Up Work After Signing the Sales Agreement to Combat Buyer's Remorse

More sales have been lost and made due to this than all the others combined. Lost and made? What am I talking about? Buying a home is the biggest financial decision most people will make in their lifetime. After someone has made the decision to buy, it is only human nature to question that decision later. When the going gets tough in the qualifying phase, people will question their buying decision more frequently. Having somebody stay in touch every step of the way is essential.

•8.     Allowing the Buyer to Move into the House Prior to Closing

At best it will cost you in things they find wrong with the house. At worst, they may decide this is not the house for them after all. What happens if something goes wrong during their stay, but before closing. You can put it in the contract that such things are their problem, but who is in the driver's seat at this point? Besides, they used all their money on the down payment, right?

•9.     Not Getting a Large Enough Deposit

People hate to lose money. A large deposit will normally commit someone. Get what you can when you write up the agreement, and ask for more soon once all conditions are removed. At least if they back out, you will have something to show for the time you kept it off the market.

•10.  Not Letting the Buyer Know the Only Decision They Have to make is, "Do I Want It?"

Most first time buyers know little about the process of buying a house. Many buyers will not make a decision to buy simply because they do not know what the next step is and are afraid to ask. This one has helped me sell more houses than any other technique. Just let your buyers know the only decision they have to make is "do I want this home?" Emphasize home, not house. Assure them that you will handle all the details from then on.

•11.  Not Asking for the Sale as Soon as You Sense They Like the Home

Most people need a little nudge to make a decision or commitment. You must provide that nudge or you will lose many sales you could have otherwise made. Ask for the sale as soon as possible.

•12.  Not Having the Information the Buyer Wants Or Needs

This one will cost sales. Buyers want to know the details on the house: square feet, year built, lot size, schools, utilities, etc. Anticipate as many questions as you can and have answers ready.

Having this information handy will give you confidence when talking with buyers.